Plurall raised USD 20 million from Fasanara Capital, a global Fintech fund based in London with more than USD 3.5 billion in assets under management and a global portfolio of more than 100 companies. The funding will contribute to the financial inclusion of microbusinesses in Colombia, which are underserved by the financial industry.
Company officials stated that recent industry statistics show that less than 10% of the so-called ‘microbusinesses’ have reliable access to formal credit or access to payment terms through an efficient B2B payments solution. When they do, the user experience is terrible, where an analog, bureaucratic and paper-based process that can take up to 3 months to be completed.
Plurall is solving this problem by delivering a digital solution that provides access to credit, a digital account, and a Visa debit card in minutes. This institutional support may mark a milestone in Latam’s fintech ecosystem, especially in the context of a challenging funding market. This facility positions the company to partner with some of the largest distribution partners serving entrepreneurs in Latam, across multiple verticals.
After three months of operations, through its initial beta testing phase, Plurall has provided access to credit and digital accounts to over 140 entrepreneurs from different sectors and different territories within the country.
The debt facility will be complemented by a Seed equity round that Plurall is currently raising and that will allow the startup to scale, start having the desired impact in the market, and fulfil the existing demand for its product offering.
In September 2022, Yuno, a Colombia-based startup, joined hands with Fraugster to provide merchants with access to revenue uplift solutions via a single API.
This partnership aims to help businesses reduce fraud losses and the total cost of managing fraud. Fraugster strengthens Yuno’s offering by applying artificial intelligence (AI) trained on global payment data to make more accurate decisions to boost approval rates. Innovations in machine learning and AI also allow Yuno merchants to go-live immediately without historical data.
Yuno’s Ultimate Checkout enables merchants to manage multiple payment methods with only one integration. Their solution also allows online businesses to customise their checkout, monitor acceptance rates, access reporting tools, and utilise multiple fraud managing features and smart routing.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now